The paints & coatings market is projected to reach USD 209.36 Billion by 2022, at a CAGR 5.45% from 2017 to 2022. The market is largely driven by the increasing demand for paints & coatings from various end-use industries, such as construction, automotive, marine, protective, aerospace, transportation, rail coatings, wood coatings, packaging, and general industrial. The growth of the paints & coatings market can also be attributed to increased investments by the key players to launch efficient and cost-effective products, as well as for expansion and merger & acquisition activities. The growth of the middle-class population in emerging economies is one more important factor driving the paints & coatings market.
The paints & coatings market has been segmented on the basis of resin type, technology, application, and region. By resin type, the acrylic resin segment dominated the paints & coatings market in 2016. This dominance can be attributed to the growing use of acrylic resins in many applications, such as automotive, roof coating, wall coating, and construction.
Major Drivers :
- Provision of Durable Coatings With Better Performance and Aesthetics
- Growing Popularity of Elastomeric Coating in Tilt-Up Concrete in Building & Construction
- Increasing Demand From End-Use Industries
- Green Environmental Regulations
Asia-Pacific is the largest market for paints & coatings, having accounted for 49.56% share, in terms of volume, in 2016. There is an increased demand from construction in Asia-Pacific, which is mainly backed by the expansion of the region’s increasing household activities. This increased demand, in turn, drives the paints & coatings market in Asia-Pacific. Asia-Pacific is the fastest-growing paints & coatings market with most of the large manufacturers establishing their facilities in this region.
The key companies in this market are Akzo Nobel NV (Netherlands), BASF SE (Germany), PPG Industries Inc. (U.S.), The Sherwin-Williams Company (U.S.), The Valspar Corporation (U.S.), Nippon Paint Co. Ltd (Japan), and Kansai Paint Co. Ltd. (Japan) and others. They are the most active and major players in the paints and coatings market.
Expansions and New Product Launches were the key strategy adopted by industry players in order to achieve growth in the paints and coatings market. This strategy accounted for major share of all growth strategies adopted by market players. The high demand for paints and coatings due to the growing demand from architectural and industrial coatings has encouraged companies to adopt this strategy. Market players are focusing on entering new markets by acquiring companies thus, enhancing their paints and coatings product portfolio for different applications.
Besides new product development, companies adopted the strategy of acquisition, and expansion in order to expand their market share and distribution network. These market strategies by the leading players will increase their market share, thereby enhancing their global presence in the paints and coatings industry.
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